* generate variables
generate y2004i3 = y2004*i3
generate y2004i5 = y2004*i5
generate y2004i7 = y2004*i7
generate y2004i9 = y2004*i9
generate y2004i13 = y2004*i13
generate y2004i15 = y2004*i15
generate y2004i17 = y2004*i17
generate y2004i19 = y2004*i19
generate y2004i21 = y2004*i21
generate y2004i23 = y2004*i23
generate y2004i27 = y2004*i27
generate y2004i31 = y2004*i31
generate y2004i33 = y2004*i33
generate y2004i41 = y2004*i41
generate y2004i43 = y2004*i43
generate y2004i45 = y2004*i45
generate y2004i53 = y2004*i53
generate y2004i55 = y2004*i55
generate y2004i57 = y2004*i57
generate y2004i63 = y2004*i63
generate y2004i65 = y2004*i65
generate y2004i71 = y2004*i71
generate y2005i3 = y2005*i3
generate y2005i5 = y2005*i5
generate y2005i7 = y2005*i7
generate y2005i9 = y2005*i9
generate y2005i13 = y2005*i13
generate y2005i15 = y2005*i15
generate y2005i17 = y2005*i17
generate y2005i19 = y2005*i19
generate y2005i21 = y2005*i21
generate y2005i23 = y2005*i23
generate y2005i27 = y2005*i27
generate y2005i31 = y2005*i31
generate y2005i33 = y2005*i33
generate y2005i41 = y2005*i41
generate y2005i43 = y2005*i43
generate y2005i45 = y2005*i45
generate y2005i53 = y2005*i53
generate y2005i55 = y2005*i55
generate y2005i57 = y2005*i57
generate y2005i63 = y2005*i63
generate y2005i65 = y2005*i65
generate y2005i71 = y2005*i71
generate y2006i3 = y2006*i3
generate y2006i5 = y2006*i5
generate y2006i7 = y2006*i7
generate y2006i9 = y2006*i9
generate y2006i13 = y2006*i13
generate y2006i15 = y2006*i15
generate y2006i17 = y2006*i17
generate y2006i19 = y2006*i19
generate y2006i21 = y2006*i21
generate y2006i23 = y2006*i23
generate y2006i27 = y2006*i27
generate y2006i31 = y2006*i31
generate y2006i33 = y2006*i33
generate y2006i41 = y2006*i41
generate y2006i43 = y2006*i43
generate y2006i45 = y2006*i45
generate y2006i53 = y2006*i53
generate y2006i55 = y2006*i55
generate y2006i57 = y2006*i57
generate y2006i63 = y2006*i63
generate y2006i65 = y2006*i65
generate y2006i71 = y2006*i71
generate y2007i3 = y2007*i3
generate y2007i5 = y2007*i5
generate y2007i7 = y2007*i7
generate y2007i9 = y2007*i9
generate y2007i13 = y2007*i13
generate y2007i15 = y2007*i15
generate y2007i17 = y2007*i17
generate y2007i19 = y2007*i19
generate y2007i21 = y2007*i21
generate y2007i23 = y2007*i23
generate y2007i27 = y2007*i27
generate y2007i31 = y2007*i31
generate y2007i33 = y2007*i33
generate y2007i41 = y2007*i41
generate y2007i43 = y2007*i43
generate y2007i45 = y2007*i45
generate y2007i53 = y2007*i53
generate y2007i55 = y2007*i55
generate y2007i57 = y2007*i57
generate y2007i63 = y2007*i63
generate y2007i65 = y2007*i65
generate y2007i71 = y2007*i71
generate y2008i3 = y2008*i3
generate y2008i5 = y2008*i5
generate y2008i7 = y2008*i7
generate y2008i9 = y2008*i9
generate y2008i13 = y2008*i13
generate y2008i15 = y2008*i15
generate y2008i17 = y2008*i17
generate y2008i19 = y2008*i19
generate y2008i21 = y2008*i21
generate y2008i23 = y2008*i23
generate y2008i27 = y2008*i27
generate y2008i31 = y2008*i31
generate y2008i33 = y2008*i33
generate y2008i41 = y2008*i41
generate y2008i43 = y2008*i43
generate y2008i45 = y2008*i45
generate y2008i53 = y2008*i53
generate y2008i55 = y2008*i55
generate y2008i57 = y2008*i57
generate y2008i63 = y2008*i63
generate y2008i65 = y2008*i65
generate y2008i71 = y2008*i71
generate y2009i3 = y2009*i3
generate y2009i5 = y2009*i5
generate y2009i7 = y2009*i7
generate y2009i9 = y2009*i9
generate y2009i13 = y2009*i13
generate y2009i15 = y2009*i15
generate y2009i17 = y2009*i17
generate y2009i19 = y2009*i19
generate y2009i21 = y2009*i21
generate y2009i23 = y2009*i23
generate y2009i27 = y2009*i27
generate y2009i31 = y2009*i31
generate y2009i33 = y2009*i33
generate y2009i41 = y2009*i41
generate y2009i43 = y2009*i43
generate y2009i45 = y2009*i45
generate y2009i53 = y2009*i53
generate y2009i55 = y2009*i55
generate y2009i57 = y2009*i57
generate y2009i63 = y2009*i63
generate y2009i65 = y2009*i65
generate y2009i71 = y2009*i71
generate y2010i3 = y2010*i3
generate y2010i5 = y2010*i5
generate y2010i7 = y2010*i7
generate y2010i9 = y2010*i9
generate y2010i13 = y2010*i13
generate y2010i15 = y2010*i15
generate y2010i17 = y2010*i17
generate y2010i19 = y2010*i19
generate y2010i21 = y2010*i21
generate y2010i23 = y2010*i23
generate y2010i27 = y2010*i27
generate y2010i31 = y2010*i31
generate y2010i33 = y2010*i33
generate y2010i41 = y2010*i41
generate y2010i43 = y2010*i43
generate y2010i45 = y2010*i45
generate y2010i53 = y2010*i53
generate y2010i55 = y2010*i55
generate y2010i57 = y2010*i57
generate y2010i63 = y2010*i63
generate y2010i65 = y2010*i65
generate y2010i71 = y2010*i71
generate y2011i3 = y2011*i3
generate y2011i5 = y2011*i5
generate y2011i7 = y2011*i7
generate y2011i9 = y2011*i9
generate y2011i13 = y2011*i13
generate y2011i15 = y2011*i15
generate y2011i17 = y2011*i17
generate y2011i19 = y2011*i19
generate y2011i21 = y2011*i21
generate y2011i23 = y2011*i23
generate y2011i27 = y2011*i27
generate y2011i31 = y2011*i31
generate y2011i33 = y2011*i33
generate y2011i41 = y2011*i41
generate y2011i43 = y2011*i43
generate y2011i45 = y2011*i45
generate y2011i53 = y2011*i53
generate y2011i55 = y2011*i55
generate y2011i57 = y2011*i57
generate y2011i63 = y2011*i63
generate y2011i65 = y2011*i65
generate y2011i71 = y2011*i71
generate y2012i3 = y2012*i3
generate y2012i5 = y2012*i5
generate y2012i7 = y2012*i7
generate y2012i9 = y2012*i9
generate y2012i13 = y2012*i13
generate y2012i15 = y2012*i15
generate y2012i17 = y2012*i17
generate y2012i19 = y2012*i19
generate y2012i21 = y2012*i21
generate y2012i23 = y2012*i23
generate y2012i27 = y2012*i27
generate y2012i31 = y2012*i31
generate y2012i33 = y2012*i33
generate y2012i41 = y2012*i41
generate y2012i43 = y2012*i43
generate y2012i45 = y2012*i45
generate y2012i53 = y2012*i53
generate y2012i55 = y2012*i55
generate y2012i57 = y2012*i57
generate y2012i63 = y2012*i63
generate y2012i65 = y2012*i65
generate y2012i71 = y2012*i71
generate y2013i3 = y2013*i3
generate y2013i5 = y2013*i5
generate y2013i7 = y2013*i7
generate y2013i9 = y2013*i9
generate y2013i13 = y2013*i13
generate y2013i15 = y2013*i15
generate y2013i17 = y2013*i17
generate y2013i19 = y2013*i19
generate y2013i21 = y2013*i21
generate y2013i23 = y2013*i23
generate y2013i27 = y2013*i27
generate y2013i31 = y2013*i31
generate y2013i33 = y2013*i33
generate y2013i41 = y2013*i41
generate y2013i43 = y2013*i43
generate y2013i45 = y2013*i45
generate y2013i53 = y2013*i53
generate y2013i55 = y2013*i55
generate y2013i57 = y2013*i57
generate y2013i63 = y2013*i63
generate y2013i65 = y2013*i65
generate y2013i71 = y2013*i71
generate time_firm_size = time*firm_size
generate time_firm_age = time*firm_age
generate time_z_score = time*z_score
generate time_market_to_book = time*market_to_book
generate time_pledgeability = time*pledgeability
generate time_manager_own = time*manager_own
generate time_largest_own = time*largest_own
generate time_i13 = time*i13
generate time_i15 = time*i15
generate time_i17 = time*i17
generate time_i19 = time*i19
generate time_i21 = time*i21
generate time_i23 = time*i23
generate time_i27 = time*i27
generate time_i31 = time*i31
generate time_i33 = time*i33
generate time_i41 = time*i41
generate time_i43 = time*i43
generate time_i45 = time*i45
generate time_i53 = time*i53
generate time_i55 = time*i55
generate time_i57 = time*i57
generate time_i63 = time*i63
generate time_i65 = time*i65
generate time_i71 = time*i71

* Figure 1 Time trends of bank-firm relationships in Japan.
by year, sort: tabstat(rel_bank tran_bank no_bank), stats(mean)
by year, sort: tabstat(lrb_td tbl_td lrb_tbl), stats(mean)

* Table 2 Descriptive statistics
tabstat lrb_td tbl_td lrb_tbl firm_size firm_age z_score market_to_book pledgeability manager_own largest_own time, stats(n mean sd, min, p25, p50, p75, max)

* Table 3 Correlation coefficients
pwcorr lrb_td tbl_td lrb_tbl firm_size firm_age z_score market_to_book pledgeability manager_own largest_own time, sig

* Table 4 Univariate analyses on the determinants of IBR
ttest lrb_td, by(high_firm_size)
ttest lrb_td, by(high_firm_age)
ttest lrb_td, by(high_z_score)
ttest lrb_td, by(high_market_to_book)
ttest lrb_td, by(high_pledgeability)
ttest lrb_td, by(high_manager_own)
ttest lrb_td, by(high_largest_own)

ttest tbl_td, by(high_firm_size)
ttest tbl_td, by(high_firm_age)
ttest tbl_td, by(high_z_score)
ttest tbl_td, by(high_market_to_book)
ttest tbl_td, by(high_pledgeability)
ttest tbl_td, by(high_manager_own)
ttest tbl_td, by(high_largest_own)

ttest lrb_tbl, by(high_firm_size)
ttest lrb_tbl, by(high_firm_age)
ttest lrb_tbl, by(high_z_score)
ttest lrb_tbl, by(high_market_to_book)
ttest lrb_tbl, by(high_pledgeability)
ttest lrb_tbl, by(high_manager_own)
ttest lrb_tbl, by(high_largest_own)

* Table 5 Multivariate analyses on the determinants of IBR: Estimation of Equation (1)
tobit lrb_td firm_size firm_age z_score pledgeability manager_own largest_own y2004 y2005 y2006 y2007 y2008 y2009 y2010 y2011 y2012 y2013 i3 i5 i7 i9 i13 i15 i17 i19 i21 i23 i27 i31 i33 i41 i43 i45 i53 i55 i57 i63 i65 i71 y2004i3 y2004i5 y2004i7 y2004i9 y2004i13 y2004i15 y2004i17 y2004i19 y2004i21 y2004i23 y2004i27 y2004i31 y2004i33 y2004i41 y2004i43 y2004i45 y2004i53 y2004i55 y2004i57 y2004i63 y2004i65 y2004i71 y2005i3 y2005i5 y2005i7 y2005i9 y2005i13 y2005i15 y2005i17 y2005i19 y2005i21 y2005i23 y2005i27 y2005i31 y2005i33 y2005i41 y2005i43 y2005i45 y2005i53 y2005i55 y2005i57 y2005i63 y2005i65 y2005i71 y2006i3 y2006i5 y2006i7 y2006i9 y2006i13 y2006i15 y2006i17 y2006i19 y2006i21 y2006i23 y2006i27 y2006i31 y2006i33 y2006i41 y2006i43 y2006i45 y2006i53 y2006i55 y2006i57 y2006i63 y2006i65 y2006i71 y2007i3 y2007i5 y2007i7 y2007i9 y2007i13 y2007i15 y2007i17 y2007i19 y2007i21 y2007i23 y2007i27 y2007i31 y2007i33 y2007i41 y2007i43 y2007i45 y2007i53 y2007i55 y2007i57 y2007i63 y2007i65 y2007i71 y2008i3 y2008i5 y2008i7 y2008i9 y2008i13 y2008i15 y2008i17 y2008i19 y2008i21 y2008i23 y2008i27 y2008i31 y2008i33 y2008i41 y2008i43 y2008i45 y2008i53 y2008i55 y2008i57 y2008i63 y2008i65 y2008i71 y2009i3 y2009i5 y2009i7 y2009i9 y2009i13 y2009i15 y2009i17 y2009i19 y2009i21 y2009i23 y2009i27 y2009i31 y2009i33 y2009i41 y2009i43 y2009i45 y2009i53 y2009i55 y2009i57 y2009i63 y2009i65 y2009i71 y2010i3 y2010i5 y2010i7 y2010i9 y2010i13 y2010i15 y2010i17 y2010i19 y2010i21 y2010i23 y2010i27 y2010i31 y2010i33 y2010i41 y2010i43 y2010i45 y2010i53 y2010i55 y2010i57 y2010i63 y2010i65 y2010i71 y2011i3 y2011i5 y2011i7 y2011i9 y2011i13 y2011i15 y2011i17 y2011i19 y2011i21 y2011i23 y2011i27 y2011i31 y2011i33 y2011i41 y2011i43 y2011i45 y2011i53 y2011i55 y2011i57 y2011i63 y2011i65 y2011i71 y2012i3 y2012i5 y2012i7 y2012i9 y2012i13 y2012i15 y2012i17 y2012i19 y2012i21 y2012i23 y2012i27 y2012i31 y2012i33 y2012i41 y2012i43 y2012i45 y2012i53 y2012i55 y2012i57 y2012i63 y2012i65 y2012i71 y2013i3 y2013i5 y2013i7 y2013i9 y2013i13 y2013i15 y2013i17 y2013i19 y2013i21 y2013i23 y2013i27 y2013i31 y2013i33 y2013i41 y2013i43 y2013i45 y2013i53 y2013i55 y2013i57 y2013i63 y2013i65 y2013i71, ll(0) vce(cluster firm)
tobit lrb_td firm_size firm_age market_to_book pledgeability manager_own largest_own y2004 y2005 y2006 y2007 y2008 y2009 y2010 y2011 y2012 y2013 i3 i5 i7 i9 i13 i15 i17 i19 i21 i23 i27 i31 i33 i41 i43 i45 i53 i55 i57 i63 i65 i71 y2004i3 y2004i5 y2004i7 y2004i9 y2004i13 y2004i15 y2004i17 y2004i19 y2004i21 y2004i23 y2004i27 y2004i31 y2004i33 y2004i41 y2004i43 y2004i45 y2004i53 y2004i55 y2004i57 y2004i63 y2004i65 y2004i71 y2005i3 y2005i5 y2005i7 y2005i9 y2005i13 y2005i15 y2005i17 y2005i19 y2005i21 y2005i23 y2005i27 y2005i31 y2005i33 y2005i41 y2005i43 y2005i45 y2005i53 y2005i55 y2005i57 y2005i63 y2005i65 y2005i71 y2006i3 y2006i5 y2006i7 y2006i9 y2006i13 y2006i15 y2006i17 y2006i19 y2006i21 y2006i23 y2006i27 y2006i31 y2006i33 y2006i41 y2006i43 y2006i45 y2006i53 y2006i55 y2006i57 y2006i63 y2006i65 y2006i71 y2007i3 y2007i5 y2007i7 y2007i9 y2007i13 y2007i15 y2007i17 y2007i19 y2007i21 y2007i23 y2007i27 y2007i31 y2007i33 y2007i41 y2007i43 y2007i45 y2007i53 y2007i55 y2007i57 y2007i63 y2007i65 y2007i71 y2008i3 y2008i5 y2008i7 y2008i9 y2008i13 y2008i15 y2008i17 y2008i19 y2008i21 y2008i23 y2008i27 y2008i31 y2008i33 y2008i41 y2008i43 y2008i45 y2008i53 y2008i55 y2008i57 y2008i63 y2008i65 y2008i71 y2009i3 y2009i5 y2009i7 y2009i9 y2009i13 y2009i15 y2009i17 y2009i19 y2009i21 y2009i23 y2009i27 y2009i31 y2009i33 y2009i41 y2009i43 y2009i45 y2009i53 y2009i55 y2009i57 y2009i63 y2009i65 y2009i71 y2010i3 y2010i5 y2010i7 y2010i9 y2010i13 y2010i15 y2010i17 y2010i19 y2010i21 y2010i23 y2010i27 y2010i31 y2010i33 y2010i41 y2010i43 y2010i45 y2010i53 y2010i55 y2010i57 y2010i63 y2010i65 y2010i71 y2011i3 y2011i5 y2011i7 y2011i9 y2011i13 y2011i15 y2011i17 y2011i19 y2011i21 y2011i23 y2011i27 y2011i31 y2011i33 y2011i41 y2011i43 y2011i45 y2011i53 y2011i55 y2011i57 y2011i63 y2011i65 y2011i71 y2012i3 y2012i5 y2012i7 y2012i9 y2012i13 y2012i15 y2012i17 y2012i19 y2012i21 y2012i23 y2012i27 y2012i31 y2012i33 y2012i41 y2012i43 y2012i45 y2012i53 y2012i55 y2012i57 y2012i63 y2012i65 y2012i71 y2013i3 y2013i5 y2013i7 y2013i9 y2013i13 y2013i15 y2013i17 y2013i19 y2013i21 y2013i23 y2013i27 y2013i31 y2013i33 y2013i41 y2013i43 y2013i45 y2013i53 y2013i55 y2013i57 y2013i63 y2013i65 y2013i71, ll(0) vce(cluster firm)
tobit tbl_td firm_size firm_age z_score pledgeability manager_own largest_own y2004 y2005 y2006 y2007 y2008 y2009 y2010 y2011 y2012 y2013 i3 i5 i7 i9 i13 i15 i17 i19 i21 i23 i27 i31 i33 i41 i43 i45 i53 i55 i57 i63 i65 i71 y2004i3 y2004i5 y2004i7 y2004i9 y2004i13 y2004i15 y2004i17 y2004i19 y2004i21 y2004i23 y2004i27 y2004i31 y2004i33 y2004i41 y2004i43 y2004i45 y2004i53 y2004i55 y2004i57 y2004i63 y2004i65 y2004i71 y2005i3 y2005i5 y2005i7 y2005i9 y2005i13 y2005i15 y2005i17 y2005i19 y2005i21 y2005i23 y2005i27 y2005i31 y2005i33 y2005i41 y2005i43 y2005i45 y2005i53 y2005i55 y2005i57 y2005i63 y2005i65 y2005i71 y2006i3 y2006i5 y2006i7 y2006i9 y2006i13 y2006i15 y2006i17 y2006i19 y2006i21 y2006i23 y2006i27 y2006i31 y2006i33 y2006i41 y2006i43 y2006i45 y2006i53 y2006i55 y2006i57 y2006i63 y2006i65 y2006i71 y2007i3 y2007i5 y2007i7 y2007i9 y2007i13 y2007i15 y2007i17 y2007i19 y2007i21 y2007i23 y2007i27 y2007i31 y2007i33 y2007i41 y2007i43 y2007i45 y2007i53 y2007i55 y2007i57 y2007i63 y2007i65 y2007i71 y2008i3 y2008i5 y2008i7 y2008i9 y2008i13 y2008i15 y2008i17 y2008i19 y2008i21 y2008i23 y2008i27 y2008i31 y2008i33 y2008i41 y2008i43 y2008i45 y2008i53 y2008i55 y2008i57 y2008i63 y2008i65 y2008i71 y2009i3 y2009i5 y2009i7 y2009i9 y2009i13 y2009i15 y2009i17 y2009i19 y2009i21 y2009i23 y2009i27 y2009i31 y2009i33 y2009i41 y2009i43 y2009i45 y2009i53 y2009i55 y2009i57 y2009i63 y2009i65 y2009i71 y2010i3 y2010i5 y2010i7 y2010i9 y2010i13 y2010i15 y2010i17 y2010i19 y2010i21 y2010i23 y2010i27 y2010i31 y2010i33 y2010i41 y2010i43 y2010i45 y2010i53 y2010i55 y2010i57 y2010i63 y2010i65 y2010i71 y2011i3 y2011i5 y2011i7 y2011i9 y2011i13 y2011i15 y2011i17 y2011i19 y2011i21 y2011i23 y2011i27 y2011i31 y2011i33 y2011i41 y2011i43 y2011i45 y2011i53 y2011i55 y2011i57 y2011i63 y2011i65 y2011i71 y2012i3 y2012i5 y2012i7 y2012i9 y2012i13 y2012i15 y2012i17 y2012i19 y2012i21 y2012i23 y2012i27 y2012i31 y2012i33 y2012i41 y2012i43 y2012i45 y2012i53 y2012i55 y2012i57 y2012i63 y2012i65 y2012i71 y2013i3 y2013i5 y2013i7 y2013i9 y2013i13 y2013i15 y2013i17 y2013i19 y2013i21 y2013i23 y2013i27 y2013i31 y2013i33 y2013i41 y2013i43 y2013i45 y2013i53 y2013i55 y2013i57 y2013i63 y2013i65 y2013i71, ll(0) vce(cluster firm)
tobit tbl_td firm_size firm_age market_to_book pledgeability manager_own largest_own y2004 y2005 y2006 y2007 y2008 y2009 y2010 y2011 y2012 y2013 i3 i5 i7 i9 i13 i15 i17 i19 i21 i23 i27 i31 i33 i41 i43 i45 i53 i55 i57 i63 i65 i71 y2004i3 y2004i5 y2004i7 y2004i9 y2004i13 y2004i15 y2004i17 y2004i19 y2004i21 y2004i23 y2004i27 y2004i31 y2004i33 y2004i41 y2004i43 y2004i45 y2004i53 y2004i55 y2004i57 y2004i63 y2004i65 y2004i71 y2005i3 y2005i5 y2005i7 y2005i9 y2005i13 y2005i15 y2005i17 y2005i19 y2005i21 y2005i23 y2005i27 y2005i31 y2005i33 y2005i41 y2005i43 y2005i45 y2005i53 y2005i55 y2005i57 y2005i63 y2005i65 y2005i71 y2006i3 y2006i5 y2006i7 y2006i9 y2006i13 y2006i15 y2006i17 y2006i19 y2006i21 y2006i23 y2006i27 y2006i31 y2006i33 y2006i41 y2006i43 y2006i45 y2006i53 y2006i55 y2006i57 y2006i63 y2006i65 y2006i71 y2007i3 y2007i5 y2007i7 y2007i9 y2007i13 y2007i15 y2007i17 y2007i19 y2007i21 y2007i23 y2007i27 y2007i31 y2007i33 y2007i41 y2007i43 y2007i45 y2007i53 y2007i55 y2007i57 y2007i63 y2007i65 y2007i71 y2008i3 y2008i5 y2008i7 y2008i9 y2008i13 y2008i15 y2008i17 y2008i19 y2008i21 y2008i23 y2008i27 y2008i31 y2008i33 y2008i41 y2008i43 y2008i45 y2008i53 y2008i55 y2008i57 y2008i63 y2008i65 y2008i71 y2009i3 y2009i5 y2009i7 y2009i9 y2009i13 y2009i15 y2009i17 y2009i19 y2009i21 y2009i23 y2009i27 y2009i31 y2009i33 y2009i41 y2009i43 y2009i45 y2009i53 y2009i55 y2009i57 y2009i63 y2009i65 y2009i71 y2010i3 y2010i5 y2010i7 y2010i9 y2010i13 y2010i15 y2010i17 y2010i19 y2010i21 y2010i23 y2010i27 y2010i31 y2010i33 y2010i41 y2010i43 y2010i45 y2010i53 y2010i55 y2010i57 y2010i63 y2010i65 y2010i71 y2011i3 y2011i5 y2011i7 y2011i9 y2011i13 y2011i15 y2011i17 y2011i19 y2011i21 y2011i23 y2011i27 y2011i31 y2011i33 y2011i41 y2011i43 y2011i45 y2011i53 y2011i55 y2011i57 y2011i63 y2011i65 y2011i71 y2012i3 y2012i5 y2012i7 y2012i9 y2012i13 y2012i15 y2012i17 y2012i19 y2012i21 y2012i23 y2012i27 y2012i31 y2012i33 y2012i41 y2012i43 y2012i45 y2012i53 y2012i55 y2012i57 y2012i63 y2012i65 y2012i71 y2013i3 y2013i5 y2013i7 y2013i9 y2013i13 y2013i15 y2013i17 y2013i19 y2013i21 y2013i23 y2013i27 y2013i31 y2013i33 y2013i41 y2013i43 y2013i45 y2013i53 y2013i55 y2013i57 y2013i63 y2013i65 y2013i71, ll(0) vce(cluster firm)
tobit lrb_tbl firm_size firm_age z_score pledgeability manager_own largest_own y2004 y2005 y2006 y2007 y2008 y2009 y2010 y2011 y2012 y2013 i3 i5 i7 i9 i13 i15 i17 i19 i21 i23 i27 i31 i33 i41 i43 i45 i53 i55 i57 i63 i65 i71 y2004i3 y2004i5 y2004i7 y2004i9 y2004i13 y2004i15 y2004i17 y2004i19 y2004i21 y2004i23 y2004i27 y2004i31 y2004i33 y2004i41 y2004i43 y2004i45 y2004i53 y2004i55 y2004i57 y2004i63 y2004i65 y2004i71 y2005i3 y2005i5 y2005i7 y2005i9 y2005i13 y2005i15 y2005i17 y2005i19 y2005i21 y2005i23 y2005i27 y2005i31 y2005i33 y2005i41 y2005i43 y2005i45 y2005i53 y2005i55 y2005i57 y2005i63 y2005i65 y2005i71 y2006i3 y2006i5 y2006i7 y2006i9 y2006i13 y2006i15 y2006i17 y2006i19 y2006i21 y2006i23 y2006i27 y2006i31 y2006i33 y2006i41 y2006i43 y2006i45 y2006i53 y2006i55 y2006i57 y2006i63 y2006i65 y2006i71 y2007i3 y2007i5 y2007i7 y2007i9 y2007i13 y2007i15 y2007i17 y2007i19 y2007i21 y2007i23 y2007i27 y2007i31 y2007i33 y2007i41 y2007i43 y2007i45 y2007i53 y2007i55 y2007i57 y2007i63 y2007i65 y2007i71 y2008i3 y2008i5 y2008i7 y2008i9 y2008i13 y2008i15 y2008i17 y2008i19 y2008i21 y2008i23 y2008i27 y2008i31 y2008i33 y2008i41 y2008i43 y2008i45 y2008i53 y2008i55 y2008i57 y2008i63 y2008i65 y2008i71 y2009i3 y2009i5 y2009i7 y2009i9 y2009i13 y2009i15 y2009i17 y2009i19 y2009i21 y2009i23 y2009i27 y2009i31 y2009i33 y2009i41 y2009i43 y2009i45 y2009i53 y2009i55 y2009i57 y2009i63 y2009i65 y2009i71 y2010i3 y2010i5 y2010i7 y2010i9 y2010i13 y2010i15 y2010i17 y2010i19 y2010i21 y2010i23 y2010i27 y2010i31 y2010i33 y2010i41 y2010i43 y2010i45 y2010i53 y2010i55 y2010i57 y2010i63 y2010i65 y2010i71 y2011i3 y2011i5 y2011i7 y2011i9 y2011i13 y2011i15 y2011i17 y2011i19 y2011i21 y2011i23 y2011i27 y2011i31 y2011i33 y2011i41 y2011i43 y2011i45 y2011i53 y2011i55 y2011i57 y2011i63 y2011i65 y2011i71 y2012i3 y2012i5 y2012i7 y2012i9 y2012i13 y2012i15 y2012i17 y2012i19 y2012i21 y2012i23 y2012i27 y2012i31 y2012i33 y2012i41 y2012i43 y2012i45 y2012i53 y2012i55 y2012i57 y2012i63 y2012i65 y2012i71 y2013i3 y2013i5 y2013i7 y2013i9 y2013i13 y2013i15 y2013i17 y2013i19 y2013i21 y2013i23 y2013i27 y2013i31 y2013i33 y2013i41 y2013i43 y2013i45 y2013i53 y2013i55 y2013i57 y2013i63 y2013i65 y2013i71, ll(0) vce(cluster firm)
tobit lrb_tbl firm_size firm_age market_to_book pledgeability manager_own largest_own y2004 y2005 y2006 y2007 y2008 y2009 y2010 y2011 y2012 y2013 i3 i5 i7 i9 i13 i15 i17 i19 i21 i23 i27 i31 i33 i41 i43 i45 i53 i55 i57 i63 i65 i71 y2004i3 y2004i5 y2004i7 y2004i9 y2004i13 y2004i15 y2004i17 y2004i19 y2004i21 y2004i23 y2004i27 y2004i31 y2004i33 y2004i41 y2004i43 y2004i45 y2004i53 y2004i55 y2004i57 y2004i63 y2004i65 y2004i71 y2005i3 y2005i5 y2005i7 y2005i9 y2005i13 y2005i15 y2005i17 y2005i19 y2005i21 y2005i23 y2005i27 y2005i31 y2005i33 y2005i41 y2005i43 y2005i45 y2005i53 y2005i55 y2005i57 y2005i63 y2005i65 y2005i71 y2006i3 y2006i5 y2006i7 y2006i9 y2006i13 y2006i15 y2006i17 y2006i19 y2006i21 y2006i23 y2006i27 y2006i31 y2006i33 y2006i41 y2006i43 y2006i45 y2006i53 y2006i55 y2006i57 y2006i63 y2006i65 y2006i71 y2007i3 y2007i5 y2007i7 y2007i9 y2007i13 y2007i15 y2007i17 y2007i19 y2007i21 y2007i23 y2007i27 y2007i31 y2007i33 y2007i41 y2007i43 y2007i45 y2007i53 y2007i55 y2007i57 y2007i63 y2007i65 y2007i71 y2008i3 y2008i5 y2008i7 y2008i9 y2008i13 y2008i15 y2008i17 y2008i19 y2008i21 y2008i23 y2008i27 y2008i31 y2008i33 y2008i41 y2008i43 y2008i45 y2008i53 y2008i55 y2008i57 y2008i63 y2008i65 y2008i71 y2009i3 y2009i5 y2009i7 y2009i9 y2009i13 y2009i15 y2009i17 y2009i19 y2009i21 y2009i23 y2009i27 y2009i31 y2009i33 y2009i41 y2009i43 y2009i45 y2009i53 y2009i55 y2009i57 y2009i63 y2009i65 y2009i71 y2010i3 y2010i5 y2010i7 y2010i9 y2010i13 y2010i15 y2010i17 y2010i19 y2010i21 y2010i23 y2010i27 y2010i31 y2010i33 y2010i41 y2010i43 y2010i45 y2010i53 y2010i55 y2010i57 y2010i63 y2010i65 y2010i71 y2011i3 y2011i5 y2011i7 y2011i9 y2011i13 y2011i15 y2011i17 y2011i19 y2011i21 y2011i23 y2011i27 y2011i31 y2011i33 y2011i41 y2011i43 y2011i45 y2011i53 y2011i55 y2011i57 y2011i63 y2011i65 y2011i71 y2012i3 y2012i5 y2012i7 y2012i9 y2012i13 y2012i15 y2012i17 y2012i19 y2012i21 y2012i23 y2012i27 y2012i31 y2012i33 y2012i41 y2012i43 y2012i45 y2012i53 y2012i55 y2012i57 y2012i63 y2012i65 y2012i71 y2013i3 y2013i5 y2013i7 y2013i9 y2013i13 y2013i15 y2013i17 y2013i19 y2013i21 y2013i23 y2013i27 y2013i31 y2013i33 y2013i41 y2013i43 y2013i45 y2013i53 y2013i55 y2013i57 y2013i63 y2013i65 y2013i71, ll(0) vce(cluster firm)

* Untabulated analyses on the changes in the levels of firm characteristics: Estimation of Equation (2)
regress firm_size time i3 i5 i7 i9 i13 i15 i17 i19 i21 i23 i27 i31 i33 i41 i43 i45 i53 i55 i57 i63 i65 i71 time_i13 time_i15 time_i17 time_i19 time_i21 time_i23 time_i27 time_i31 time_i33 time_i41 time_i43 time_i45 time_i53 time_i55 time_i57 time_i63 time_i65 time_i71, vce(cluster firm)
regress firm_age time i3 i5 i7 i9 i13 i15 i17 i19 i21 i23 i27 i31 i33 i41 i43 i45 i53 i55 i57 i63 i65 i71 time_i13 time_i15 time_i17 time_i19 time_i21 time_i23 time_i27 time_i31 time_i33 time_i41 time_i43 time_i45 time_i53 time_i55 time_i57 time_i63 time_i65 time_i71, vce(cluster firm)
regress z_score time i3 i5 i7 i9 i13 i15 i17 i19 i21 i23 i27 i31 i33 i41 i43 i45 i53 i55 i57 i63 i65 i71 time_i13 time_i15 time_i17 time_i19 time_i21 time_i23 time_i27 time_i31 time_i33 time_i41 time_i43 time_i45 time_i53 time_i55 time_i57 time_i63 time_i65 time_i71, vce(cluster firm)
regress market_to_book time i3 i5 i7 i9 i13 i15 i17 i19 i21 i23 i27 i31 i33 i41 i43 i45 i53 i55 i57 i63 i65 i71 time_i13 time_i15 time_i17 time_i19 time_i21 time_i23 time_i27 time_i31 time_i33 time_i41 time_i43 time_i45 time_i53 time_i55 time_i57 time_i63 time_i65 time_i71, vce(cluster firm)
regress pledgeability time i3 i5 i7 i9 i13 i15 i17 i19 i21 i23 i27 i31 i33 i41 i43 i45 i53 i55 i57 i63 i65 i71 time_i13 time_i15 time_i17 time_i19 time_i21 time_i23 time_i27 time_i31 time_i33 time_i41 time_i43 time_i45 time_i53 time_i55 time_i57 time_i63 time_i65 time_i71, vce(cluster firm)
regress manager_own time i3 i5 i7 i9 i13 i15 i17 i19 i21 i23 i27 i31 i33 i41 i43 i45 i53 i55 i57 i63 i65 i71 time_i13 time_i15 time_i17 time_i19 time_i21 time_i23 time_i27 time_i31 time_i33 time_i41 time_i43 time_i45 time_i53 time_i55 time_i57 time_i63 time_i65 time_i71, vce(cluster firm)
regress largest_own time i3 i5 i7 i9 i13 i15 i17 i19 i21 i23 i27 i31 i33 i41 i43 i45 i53 i55 i57 i63 i65 i71 time_i13 time_i15 time_i17 time_i19 time_i21 time_i23 time_i27 time_i31 time_i33 time_i41 time_i43 time_i45 time_i53 time_i55 time_i57 time_i63 time_i65 time_i71, vce(cluster firm)

* Table 6 Multivariate analyses on the changes in the impacts of firm characteristics: Estimation of Equation (3)
tobit lrb_td firm_size firm_age z_score pledgeability manager_own largest_own time time_firm_size time_firm_age time_z_score time_pledgeability time_manager_own time_largest_own i3 i5 i7 i9 i13 i15 i17 i19 i21 i23 i27 i31 i33 i41 i43 i45 i53 i55 i57 i63 i65 i71 time_i13 time_i15 time_i17 time_i19 time_i21 time_i23 time_i27 time_i31 time_i33 time_i41 time_i43 time_i45 time_i53 time_i55 time_i57 time_i63 time_i65 time_i71, ll(0) vce(cluster firm)
tobit lrb_td firm_size firm_age market_to_book pledgeability manager_own largest_own time time_firm_size time_firm_age time_market_to_book time_pledgeability time_manager_own time_largest_own i3 i5 i7 i9 i13 i15 i17 i19 i21 i23 i27 i31 i33 i41 i43 i45 i53 i55 i57 i63 i65 i71 time_i13 time_i15 time_i17 time_i19 time_i21 time_i23 time_i27 time_i31 time_i33 time_i41 time_i43 time_i45 time_i53 time_i55 time_i57 time_i63 time_i65 time_i71, ll(0) vce(cluster firm)
tobit tbl_td firm_size firm_age z_score pledgeability manager_own largest_own time time_firm_size time_firm_age time_z_score time_pledgeability time_manager_own time_largest_own i3 i5 i7 i9 i13 i15 i17 i19 i21 i23 i27 i31 i33 i41 i43 i45 i53 i55 i57 i63 i65 i71 time_i13 time_i15 time_i17 time_i19 time_i21 time_i23 time_i27 time_i31 time_i33 time_i41 time_i43 time_i45 time_i53 time_i55 time_i57 time_i63 time_i65 time_i71, ll(0) vce(cluster firm)
tobit tbl_td firm_size firm_age market_to_book pledgeability manager_own largest_own time time_firm_size time_firm_age time_market_to_book time_pledgeability time_manager_own time_largest_own i3 i5 i7 i9 i13 i15 i17 i19 i21 i23 i27 i31 i33 i41 i43 i45 i53 i55 i57 i63 i65 i71 time_i13 time_i15 time_i17 time_i19 time_i21 time_i23 time_i27 time_i31 time_i33 time_i41 time_i43 time_i45 time_i53 time_i55 time_i57 time_i63 time_i65 time_i71, ll(0) vce(cluster firm)
tobit lrb_tbl firm_size firm_age z_score pledgeability manager_own largest_own time time_firm_size time_firm_age time_z_score time_pledgeability time_manager_own time_largest_own i3 i5 i7 i9 i13 i15 i17 i19 i21 i23 i27 i31 i33 i41 i43 i45 i53 i55 i57 i63 i65 i71 time_i13 time_i15 time_i17 time_i19 time_i21 time_i23 time_i27 time_i31 time_i33 time_i41 time_i43 time_i45 time_i53 time_i55 time_i57 time_i63 time_i65 time_i71, ll(0) vce(cluster firm)
tobit lrb_tbl firm_size firm_age market_to_book pledgeability manager_own largest_own time time_firm_size time_firm_age time_market_to_book time_pledgeability time_manager_own time_largest_own i3 i5 i7 i9 i13 i15 i17 i19 i21 i23 i27 i31 i33 i41 i43 i45 i53 i55 i57 i63 i65 i71 time_i13 time_i15 time_i17 time_i19 time_i21 time_i23 time_i27 time_i31 time_i33 time_i41 time_i43 time_i45 time_i53 time_i55 time_i57 time_i63 time_i65 time_i71, ll(0) vce(cluster firm)

* In Table 7 Using alternative classifications of relationship banking, the same codes as in Tables 5 and 6 are used.

* Table 8 Using an instrumental variable method
** Panel A: Results on credit quality
ivreg2 lrb_td firm_size firm_age pledgeability manager_own largest_own y2004 y2005 y2006 y2007 y2008 y2009 y2010 y2011 y2012 y2013 i3 i5 i7 i9 i13 i15 i17 i19 i21 i23 i27 i31 i33 i41 i43 i45 i53 i55 i57 i63 i65 i71 y2004i3 y2004i5 y2004i7 y2004i9 y2004i13 y2004i15 y2004i17 y2004i19 y2004i21 y2004i23 y2004i27 y2004i31 y2004i33 y2004i41 y2004i43 y2004i45 y2004i53 y2004i55 y2004i57 y2004i63 y2004i65 y2004i71 y2005i3 y2005i5 y2005i7 y2005i9 y2005i13 y2005i15 y2005i17 y2005i19 y2005i21 y2005i23 y2005i27 y2005i31 y2005i33 y2005i41 y2005i43 y2005i45 y2005i53 y2005i55 y2005i57 y2005i63 y2005i65 y2005i71 y2006i3 y2006i5 y2006i7 y2006i9 y2006i13 y2006i15 y2006i17 y2006i19 y2006i21 y2006i23 y2006i27 y2006i31 y2006i33 y2006i41 y2006i43 y2006i45 y2006i53 y2006i55 y2006i57 y2006i63 y2006i65 y2006i71 y2007i3 y2007i5 y2007i7 y2007i9 y2007i13 y2007i15 y2007i17 y2007i19 y2007i21 y2007i23 y2007i27 y2007i31 y2007i33 y2007i41 y2007i43 y2007i45 y2007i53 y2007i55 y2007i57 y2007i63 y2007i65 y2007i71 y2008i3 y2008i5 y2008i7 y2008i9 y2008i13 y2008i15 y2008i17 y2008i19 y2008i21 y2008i23 y2008i27 y2008i31 y2008i33 y2008i41 y2008i43 y2008i45 y2008i53 y2008i55 y2008i57 y2008i63 y2008i65 y2008i71 y2009i3 y2009i5 y2009i7 y2009i9 y2009i13 y2009i15 y2009i17 y2009i19 y2009i21 y2009i23 y2009i27 y2009i31 y2009i33 y2009i41 y2009i43 y2009i45 y2009i53 y2009i55 y2009i57 y2009i63 y2009i65 y2009i71 y2010i3 y2010i5 y2010i7 y2010i9 y2010i13 y2010i15 y2010i17 y2010i19 y2010i21 y2010i23 y2010i27 y2010i31 y2010i33 y2010i41 y2010i43 y2010i45 y2010i53 y2010i55 y2010i57 y2010i63 y2010i65 y2010i71 y2011i3 y2011i5 y2011i7 y2011i9 y2011i13 y2011i15 y2011i17 y2011i19 y2011i21 y2011i23 y2011i27 y2011i31 y2011i33 y2011i41 y2011i43 y2011i45 y2011i53 y2011i55 y2011i57 y2011i63 y2011i65 y2011i71 y2012i3 y2012i5 y2012i7 y2012i9 y2012i13 y2012i15 y2012i17 y2012i19 y2012i21 y2012i23 y2012i27 y2012i31 y2012i33 y2012i41 y2012i43 y2012i45 y2012i53 y2012i55 y2012i57 y2012i63 y2012i65 y2012i71 y2013i3 y2013i5 y2013i7 y2013i9 y2013i13 y2013i15 y2013i17 y2013i19 y2013i21 y2013i23 y2013i27 y2013i31 y2013i33 y2013i41 y2013i43 y2013i45 y2013i53 y2013i55 y2013i57 y2013i63 y2013i65 y2013i71 (z_score = rank_z_score), cluster (firm)
** Panel B: Results on investment opportunities
ivreg2 lrb_td firm_size firm_age pledgeability manager_own largest_own y2004 y2005 y2006 y2007 y2008 y2009 y2010 y2011 y2012 y2013 i3 i5 i7 i9 i13 i15 i17 i19 i21 i23 i27 i31 i33 i41 i43 i45 i53 i55 i57 i63 i65 i71 y2004i3 y2004i5 y2004i7 y2004i9 y2004i13 y2004i15 y2004i17 y2004i19 y2004i21 y2004i23 y2004i27 y2004i31 y2004i33 y2004i41 y2004i43 y2004i45 y2004i53 y2004i55 y2004i57 y2004i63 y2004i65 y2004i71 y2005i3 y2005i5 y2005i7 y2005i9 y2005i13 y2005i15 y2005i17 y2005i19 y2005i21 y2005i23 y2005i27 y2005i31 y2005i33 y2005i41 y2005i43 y2005i45 y2005i53 y2005i55 y2005i57 y2005i63 y2005i65 y2005i71 y2006i3 y2006i5 y2006i7 y2006i9 y2006i13 y2006i15 y2006i17 y2006i19 y2006i21 y2006i23 y2006i27 y2006i31 y2006i33 y2006i41 y2006i43 y2006i45 y2006i53 y2006i55 y2006i57 y2006i63 y2006i65 y2006i71 y2007i3 y2007i5 y2007i7 y2007i9 y2007i13 y2007i15 y2007i17 y2007i19 y2007i21 y2007i23 y2007i27 y2007i31 y2007i33 y2007i41 y2007i43 y2007i45 y2007i53 y2007i55 y2007i57 y2007i63 y2007i65 y2007i71 y2008i3 y2008i5 y2008i7 y2008i9 y2008i13 y2008i15 y2008i17 y2008i19 y2008i21 y2008i23 y2008i27 y2008i31 y2008i33 y2008i41 y2008i43 y2008i45 y2008i53 y2008i55 y2008i57 y2008i63 y2008i65 y2008i71 y2009i3 y2009i5 y2009i7 y2009i9 y2009i13 y2009i15 y2009i17 y2009i19 y2009i21 y2009i23 y2009i27 y2009i31 y2009i33 y2009i41 y2009i43 y2009i45 y2009i53 y2009i55 y2009i57 y2009i63 y2009i65 y2009i71 y2010i3 y2010i5 y2010i7 y2010i9 y2010i13 y2010i15 y2010i17 y2010i19 y2010i21 y2010i23 y2010i27 y2010i31 y2010i33 y2010i41 y2010i43 y2010i45 y2010i53 y2010i55 y2010i57 y2010i63 y2010i65 y2010i71 y2011i3 y2011i5 y2011i7 y2011i9 y2011i13 y2011i15 y2011i17 y2011i19 y2011i21 y2011i23 y2011i27 y2011i31 y2011i33 y2011i41 y2011i43 y2011i45 y2011i53 y2011i55 y2011i57 y2011i63 y2011i65 y2011i71 y2012i3 y2012i5 y2012i7 y2012i9 y2012i13 y2012i15 y2012i17 y2012i19 y2012i21 y2012i23 y2012i27 y2012i31 y2012i33 y2012i41 y2012i43 y2012i45 y2012i53 y2012i55 y2012i57 y2012i63 y2012i65 y2012i71 y2013i3 y2013i5 y2013i7 y2013i9 y2013i13 y2013i15 y2013i17 y2013i19 y2013i21 y2013i23 y2013i27 y2013i31 y2013i33 y2013i41 y2013i43 y2013i45 y2013i53 y2013i55 y2013i57 y2013i63 y2013i65 y2013i71 (market_to_book = rank_market_to_book), cluster (firm)
** Panel C: Results on managerial ownership
ivreg2 lrb_td firm_size firm_age z_score pledgeability largest_own y2004 y2005 y2006 y2007 y2008 y2009 y2010 y2011 y2012 y2013 i3 i5 i7 i9 i13 i15 i17 i19 i21 i23 i27 i31 i33 i41 i43 i45 i53 i55 i57 i63 i65 i71 y2004i3 y2004i5 y2004i7 y2004i9 y2004i13 y2004i15 y2004i17 y2004i19 y2004i21 y2004i23 y2004i27 y2004i31 y2004i33 y2004i41 y2004i43 y2004i45 y2004i53 y2004i55 y2004i57 y2004i63 y2004i65 y2004i71 y2005i3 y2005i5 y2005i7 y2005i9 y2005i13 y2005i15 y2005i17 y2005i19 y2005i21 y2005i23 y2005i27 y2005i31 y2005i33 y2005i41 y2005i43 y2005i45 y2005i53 y2005i55 y2005i57 y2005i63 y2005i65 y2005i71 y2006i3 y2006i5 y2006i7 y2006i9 y2006i13 y2006i15 y2006i17 y2006i19 y2006i21 y2006i23 y2006i27 y2006i31 y2006i33 y2006i41 y2006i43 y2006i45 y2006i53 y2006i55 y2006i57 y2006i63 y2006i65 y2006i71 y2007i3 y2007i5 y2007i7 y2007i9 y2007i13 y2007i15 y2007i17 y2007i19 y2007i21 y2007i23 y2007i27 y2007i31 y2007i33 y2007i41 y2007i43 y2007i45 y2007i53 y2007i55 y2007i57 y2007i63 y2007i65 y2007i71 y2008i3 y2008i5 y2008i7 y2008i9 y2008i13 y2008i15 y2008i17 y2008i19 y2008i21 y2008i23 y2008i27 y2008i31 y2008i33 y2008i41 y2008i43 y2008i45 y2008i53 y2008i55 y2008i57 y2008i63 y2008i65 y2008i71 y2009i3 y2009i5 y2009i7 y2009i9 y2009i13 y2009i15 y2009i17 y2009i19 y2009i21 y2009i23 y2009i27 y2009i31 y2009i33 y2009i41 y2009i43 y2009i45 y2009i53 y2009i55 y2009i57 y2009i63 y2009i65 y2009i71 y2010i3 y2010i5 y2010i7 y2010i9 y2010i13 y2010i15 y2010i17 y2010i19 y2010i21 y2010i23 y2010i27 y2010i31 y2010i33 y2010i41 y2010i43 y2010i45 y2010i53 y2010i55 y2010i57 y2010i63 y2010i65 y2010i71 y2011i3 y2011i5 y2011i7 y2011i9 y2011i13 y2011i15 y2011i17 y2011i19 y2011i21 y2011i23 y2011i27 y2011i31 y2011i33 y2011i41 y2011i43 y2011i45 y2011i53 y2011i55 y2011i57 y2011i63 y2011i65 y2011i71 y2012i3 y2012i5 y2012i7 y2012i9 y2012i13 y2012i15 y2012i17 y2012i19 y2012i21 y2012i23 y2012i27 y2012i31 y2012i33 y2012i41 y2012i43 y2012i45 y2012i53 y2012i55 y2012i57 y2012i63 y2012i65 y2012i71 y2013i3 y2013i5 y2013i7 y2013i9 y2013i13 y2013i15 y2013i17 y2013i19 y2013i21 y2013i23 y2013i27 y2013i31 y2013i33 y2013i41 y2013i43 y2013i45 y2013i53 y2013i55 y2013i57 y2013i63 y2013i65 y2013i71 (manager_own = rank_manager_own), cluster (firm)
ivreg2 lrb_td firm_size firm_age market_to_book pledgeability largest_own y2004 y2005 y2006 y2007 y2008 y2009 y2010 y2011 y2012 y2013 i3 i5 i7 i9 i13 i15 i17 i19 i21 i23 i27 i31 i33 i41 i43 i45 i53 i55 i57 i63 i65 i71 y2004i3 y2004i5 y2004i7 y2004i9 y2004i13 y2004i15 y2004i17 y2004i19 y2004i21 y2004i23 y2004i27 y2004i31 y2004i33 y2004i41 y2004i43 y2004i45 y2004i53 y2004i55 y2004i57 y2004i63 y2004i65 y2004i71 y2005i3 y2005i5 y2005i7 y2005i9 y2005i13 y2005i15 y2005i17 y2005i19 y2005i21 y2005i23 y2005i27 y2005i31 y2005i33 y2005i41 y2005i43 y2005i45 y2005i53 y2005i55 y2005i57 y2005i63 y2005i65 y2005i71 y2006i3 y2006i5 y2006i7 y2006i9 y2006i13 y2006i15 y2006i17 y2006i19 y2006i21 y2006i23 y2006i27 y2006i31 y2006i33 y2006i41 y2006i43 y2006i45 y2006i53 y2006i55 y2006i57 y2006i63 y2006i65 y2006i71 y2007i3 y2007i5 y2007i7 y2007i9 y2007i13 y2007i15 y2007i17 y2007i19 y2007i21 y2007i23 y2007i27 y2007i31 y2007i33 y2007i41 y2007i43 y2007i45 y2007i53 y2007i55 y2007i57 y2007i63 y2007i65 y2007i71 y2008i3 y2008i5 y2008i7 y2008i9 y2008i13 y2008i15 y2008i17 y2008i19 y2008i21 y2008i23 y2008i27 y2008i31 y2008i33 y2008i41 y2008i43 y2008i45 y2008i53 y2008i55 y2008i57 y2008i63 y2008i65 y2008i71 y2009i3 y2009i5 y2009i7 y2009i9 y2009i13 y2009i15 y2009i17 y2009i19 y2009i21 y2009i23 y2009i27 y2009i31 y2009i33 y2009i41 y2009i43 y2009i45 y2009i53 y2009i55 y2009i57 y2009i63 y2009i65 y2009i71 y2010i3 y2010i5 y2010i7 y2010i9 y2010i13 y2010i15 y2010i17 y2010i19 y2010i21 y2010i23 y2010i27 y2010i31 y2010i33 y2010i41 y2010i43 y2010i45 y2010i53 y2010i55 y2010i57 y2010i63 y2010i65 y2010i71 y2011i3 y2011i5 y2011i7 y2011i9 y2011i13 y2011i15 y2011i17 y2011i19 y2011i21 y2011i23 y2011i27 y2011i31 y2011i33 y2011i41 y2011i43 y2011i45 y2011i53 y2011i55 y2011i57 y2011i63 y2011i65 y2011i71 y2012i3 y2012i5 y2012i7 y2012i9 y2012i13 y2012i15 y2012i17 y2012i19 y2012i21 y2012i23 y2012i27 y2012i31 y2012i33 y2012i41 y2012i43 y2012i45 y2012i53 y2012i55 y2012i57 y2012i63 y2012i65 y2012i71 y2013i3 y2013i5 y2013i7 y2013i9 y2013i13 y2013i15 y2013i17 y2013i19 y2013i21 y2013i23 y2013i27 y2013i31 y2013i33 y2013i41 y2013i43 y2013i45 y2013i53 y2013i55 y2013i57 y2013i63 y2013i65 y2013i71 (manager_own = rank_manager_own), cluster (firm)
** Panel D: Results on ownership concentration
ivreg2 lrb_td firm_size firm_age z_score pledgeability manager_own y2004 y2005 y2006 y2007 y2008 y2009 y2010 y2011 y2012 y2013 i3 i5 i7 i9 i13 i15 i17 i19 i21 i23 i27 i31 i33 i41 i43 i45 i53 i55 i57 i63 i65 i71 y2004i3 y2004i5 y2004i7 y2004i9 y2004i13 y2004i15 y2004i17 y2004i19 y2004i21 y2004i23 y2004i27 y2004i31 y2004i33 y2004i41 y2004i43 y2004i45 y2004i53 y2004i55 y2004i57 y2004i63 y2004i65 y2004i71 y2005i3 y2005i5 y2005i7 y2005i9 y2005i13 y2005i15 y2005i17 y2005i19 y2005i21 y2005i23 y2005i27 y2005i31 y2005i33 y2005i41 y2005i43 y2005i45 y2005i53 y2005i55 y2005i57 y2005i63 y2005i65 y2005i71 y2006i3 y2006i5 y2006i7 y2006i9 y2006i13 y2006i15 y2006i17 y2006i19 y2006i21 y2006i23 y2006i27 y2006i31 y2006i33 y2006i41 y2006i43 y2006i45 y2006i53 y2006i55 y2006i57 y2006i63 y2006i65 y2006i71 y2007i3 y2007i5 y2007i7 y2007i9 y2007i13 y2007i15 y2007i17 y2007i19 y2007i21 y2007i23 y2007i27 y2007i31 y2007i33 y2007i41 y2007i43 y2007i45 y2007i53 y2007i55 y2007i57 y2007i63 y2007i65 y2007i71 y2008i3 y2008i5 y2008i7 y2008i9 y2008i13 y2008i15 y2008i17 y2008i19 y2008i21 y2008i23 y2008i27 y2008i31 y2008i33 y2008i41 y2008i43 y2008i45 y2008i53 y2008i55 y2008i57 y2008i63 y2008i65 y2008i71 y2009i3 y2009i5 y2009i7 y2009i9 y2009i13 y2009i15 y2009i17 y2009i19 y2009i21 y2009i23 y2009i27 y2009i31 y2009i33 y2009i41 y2009i43 y2009i45 y2009i53 y2009i55 y2009i57 y2009i63 y2009i65 y2009i71 y2010i3 y2010i5 y2010i7 y2010i9 y2010i13 y2010i15 y2010i17 y2010i19 y2010i21 y2010i23 y2010i27 y2010i31 y2010i33 y2010i41 y2010i43 y2010i45 y2010i53 y2010i55 y2010i57 y2010i63 y2010i65 y2010i71 y2011i3 y2011i5 y2011i7 y2011i9 y2011i13 y2011i15 y2011i17 y2011i19 y2011i21 y2011i23 y2011i27 y2011i31 y2011i33 y2011i41 y2011i43 y2011i45 y2011i53 y2011i55 y2011i57 y2011i63 y2011i65 y2011i71 y2012i3 y2012i5 y2012i7 y2012i9 y2012i13 y2012i15 y2012i17 y2012i19 y2012i21 y2012i23 y2012i27 y2012i31 y2012i33 y2012i41 y2012i43 y2012i45 y2012i53 y2012i55 y2012i57 y2012i63 y2012i65 y2012i71 y2013i3 y2013i5 y2013i7 y2013i9 y2013i13 y2013i15 y2013i17 y2013i19 y2013i21 y2013i23 y2013i27 y2013i31 y2013i33 y2013i41 y2013i43 y2013i45 y2013i53 y2013i55 y2013i57 y2013i63 y2013i65 y2013i71 (largest_own = rank_largest_own), cluster (firm)
ivreg2 lrb_td firm_size firm_age market_to_book pledgeability manager_own y2004 y2005 y2006 y2007 y2008 y2009 y2010 y2011 y2012 y2013 i3 i5 i7 i9 i13 i15 i17 i19 i21 i23 i27 i31 i33 i41 i43 i45 i53 i55 i57 i63 i65 i71 y2004i3 y2004i5 y2004i7 y2004i9 y2004i13 y2004i15 y2004i17 y2004i19 y2004i21 y2004i23 y2004i27 y2004i31 y2004i33 y2004i41 y2004i43 y2004i45 y2004i53 y2004i55 y2004i57 y2004i63 y2004i65 y2004i71 y2005i3 y2005i5 y2005i7 y2005i9 y2005i13 y2005i15 y2005i17 y2005i19 y2005i21 y2005i23 y2005i27 y2005i31 y2005i33 y2005i41 y2005i43 y2005i45 y2005i53 y2005i55 y2005i57 y2005i63 y2005i65 y2005i71 y2006i3 y2006i5 y2006i7 y2006i9 y2006i13 y2006i15 y2006i17 y2006i19 y2006i21 y2006i23 y2006i27 y2006i31 y2006i33 y2006i41 y2006i43 y2006i45 y2006i53 y2006i55 y2006i57 y2006i63 y2006i65 y2006i71 y2007i3 y2007i5 y2007i7 y2007i9 y2007i13 y2007i15 y2007i17 y2007i19 y2007i21 y2007i23 y2007i27 y2007i31 y2007i33 y2007i41 y2007i43 y2007i45 y2007i53 y2007i55 y2007i57 y2007i63 y2007i65 y2007i71 y2008i3 y2008i5 y2008i7 y2008i9 y2008i13 y2008i15 y2008i17 y2008i19 y2008i21 y2008i23 y2008i27 y2008i31 y2008i33 y2008i41 y2008i43 y2008i45 y2008i53 y2008i55 y2008i57 y2008i63 y2008i65 y2008i71 y2009i3 y2009i5 y2009i7 y2009i9 y2009i13 y2009i15 y2009i17 y2009i19 y2009i21 y2009i23 y2009i27 y2009i31 y2009i33 y2009i41 y2009i43 y2009i45 y2009i53 y2009i55 y2009i57 y2009i63 y2009i65 y2009i71 y2010i3 y2010i5 y2010i7 y2010i9 y2010i13 y2010i15 y2010i17 y2010i19 y2010i21 y2010i23 y2010i27 y2010i31 y2010i33 y2010i41 y2010i43 y2010i45 y2010i53 y2010i55 y2010i57 y2010i63 y2010i65 y2010i71 y2011i3 y2011i5 y2011i7 y2011i9 y2011i13 y2011i15 y2011i17 y2011i19 y2011i21 y2011i23 y2011i27 y2011i31 y2011i33 y2011i41 y2011i43 y2011i45 y2011i53 y2011i55 y2011i57 y2011i63 y2011i65 y2011i71 y2012i3 y2012i5 y2012i7 y2012i9 y2012i13 y2012i15 y2012i17 y2012i19 y2012i21 y2012i23 y2012i27 y2012i31 y2012i33 y2012i41 y2012i43 y2012i45 y2012i53 y2012i55 y2012i57 y2012i63 y2012i65 y2012i71 y2013i3 y2013i5 y2013i7 y2013i9 y2013i13 y2013i15 y2013i17 y2013i19 y2013i21 y2013i23 y2013i27 y2013i31 y2013i33 y2013i41 y2013i43 y2013i45 y2013i53 y2013i55 y2013i57 y2013i63 y2013i65 y2013i71 (largest_own = rank_largest_own), cluster (firm)
